Financial Services for Condo Communities

Boards receive detailed monthly financial statements that include balance sheets, income and expense statements, bank reconciliations, and reserve fund summaries. These reports provide a clear overview of the corporation’s financial position and are reviewed with the board each month to support informed decision-making. ICON also prepares annual budgets and assists with year-end audit packages to ensure full financial transparency and compliance with the Condominium Act.

ICON coordinates directly with the condominium corporation’s appointed auditor to ensure a smooth and efficient audit process. Our accounting team prepares and organizes all required financial documents, statements, and supporting records for review. We respond promptly to auditor inquiries, assist with scheduling, and provide any additional information requested to complete the audit. Once finalized, ICON presents the audited financial statements to the board for approval and distribution to owners in accordance with the Condominium Act.

ICON works closely with boards to prepare accurate, forward-looking annual budgets and reserve fund plans. Our accounting team reviews historical spending, current contracts, and upcoming maintenance needs to develop realistic financial forecasts. We also coordinate with engineers and reserve fund study providers to ensure long-term capital planning aligns with the corporation’s financial health. This collaborative approach helps boards make informed budgeting decisions, maintain stable maintenance fees, and ensure adequate funding for future repairs and replacements.

ICON collects condo fees primarily through pre-authorized payment and post-dated cheques. All payments are processed securely by our accounting team to ensure accuracy and timely posting to each owner’s account. We monitor payments regularly, issue reminder notices when required, and work with the board to address arrears in accordance with the Condominium Act. This structured process helps maintain consistent cash flow and accurate financial records for the corporation.

Vendor invoices and community expenses are processed through ICON’s electronic invoice approval system, which allows property managers and board members to review, code, and approve invoices online. Once approved, payments are issued electronically through secure banking channels in accordance with the corporation’s signing authorities. This process ensures transparency, accountability, and timely payment to vendors while maintaining accurate financial records for the corporation.

ICON ensures financial accuracy and transparency through standardized accounting procedures, internal controls, and regular oversight. All financial transactions are recorded and reviewed by our accounting team, with monthly reconciliations to verify accuracy across accounts. Boards receive detailed financial statements each month for review, and all financial practices adhere to the Condominium Act and generally accepted accounting principles. Annual audits by independent auditors further confirm compliance, providing boards and owners with full confidence in the integrity of the corporation’s financial records.